Web Content Viewer

Frequently Asked Questions

RAKauto Loans

RAKauto is a loan granted solely for the purchase of a motor vehicle. It is an asset secured loan mortgaged to RAKBANK over a vehicle registered with the UAE Traffic Department.

RAKauto Loans are available in UAE Dirhams only.

RAKauto Loans are offered to all UAE nationals, GCC nationals and expatriates holding a valid UAE residence visa. It is available for individuals as well as company purchases.

RAKauto Loan is a finance facility for new and used vehicles.

New vehicles are defined as first hand vehicles which are manufactured and sold during the same year through an authorized dealer in the country, and sold occasionally by reputed car dealerships and supported with proper documentation.

Used cars are second hand and above cars that exclude commercial vehicles, and must be evaluated from dealers as per RAKBANK’s approved list of dealers.

Standard vehicles, namely saloon cars and 4 wheel drives (passenger vehicles) and non-standard vehicles, namely sports and commercial vehicles up to 4.5 tons and luxury cars.

Yes, the car can be registered anywhere in the UAE subject to the approval of both RAKBANK and the Traffic Department.

No, salary transfer to RAKBANK is not mandatory to obtain vehicle financing.

The minimum gross monthly salary is AED 5,000 for specific vehicle models.

Down payments are not required by customers, subject to profile. Certain approvals may be given with a specific percentage of down payment required from the customer.

Minimum age requirements are 18 years and six months for registration and 20 years and six months for cheque payers.

Maximum age at loan maturity is 60 years for expatriates and 65 years for UAE nationals.

For existing RAKBANK customers, the maximum loan tenor is up to 60 months for new vehicles. For new customers, the maximum loan tenor is 60 months for new vehicles. For used cars, the loan tenor will depend on the age of the vehicle, which should be a maximum of 10-year cycle up to loan maturity.

By standing order for existing RAKBANK customers and post dated cheques for customers banking with other banks.

Full comprehensive insurance cover is required for a minimum of the loan amount for a period of 13 months.

  • Change of number plate
  • Change of vehicle color
  • Change of registration from one emirate to another
  • Change of registered owner
  • Temporary release of mortgage
  • Change of post dated cheques
  • Change of due date
  • Change of address
  • Loan deferment
  • Temporary release letter
  • Permanent release letter